Wells Fargo & Co Boosts Shopify (NYSE:SHOP) Price Target to $1,000.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by Wells Fargo & Co from $700.00 to $1,000.00 in a research note issued to investors on Thursday, The Fly reports. Wells Fargo & Co currently has a hold rating on the software maker’s stock.

SHOP has been the topic of a number of other research reports. Argus started coverage on Shopify in a report on Wednesday, July 1st. They issued a buy rating and a $1,050.00 target price on the stock. Piper Sandler lifted their price target on Shopify from $1,015.00 to $1,300.00 and gave the stock an overweight rating in a report on Wednesday. DA Davidson reiterated a hold rating and set a $650.00 price target on shares of Shopify in a report on Thursday, May 21st. Oppenheimer started coverage on Shopify in a report on Wednesday, May 6th. They set a hold rating on the stock. Finally, National Bank Financial lifted their price target on Shopify from $850.00 to $1,250.00 and gave the stock an outperform rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $927.71.

Shares of Shopify stock opened at $1,024.00 on Thursday. Shopify has a 52 week low of $282.08 and a 52 week high of $1,107.92. The stock has a 50 day moving average price of $935.14 and a two-hundred day moving average price of $641.42. The stock has a market capitalization of $120.08 billion, a PE ratio of 14,628.57 and a beta of 1.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $1.04. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The company had revenue of $714.34 million for the quarter, compared to analyst estimates of $511.56 million. During the same quarter last year, the company earned $0.10 earnings per share. The company’s revenue for the quarter was up 97.3% on a year-over-year basis. As a group, analysts expect that Shopify will post -1.56 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Comerica Bank raised its stake in shares of Shopify by 2.2% during the second quarter. Comerica Bank now owns 7,828 shares of the software maker’s stock valued at $7,494,000 after acquiring an additional 169 shares in the last quarter. Valmark Advisers Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $270,000. Ingalls & Snyder LLC bought a new stake in shares of Shopify during the second quarter valued at approximately $261,000. Sigma Planning Corp raised its stake in Shopify by 64.4% in the second quarter. Sigma Planning Corp now owns 6,771 shares of the software maker’s stock worth $6,427,000 after buying an additional 2,652 shares in the last quarter. Finally, NexWave Capital Partners LLC bought a new position in Shopify in the second quarter worth approximately $244,000. 60.17% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

See Also: What is a Roth IRA?

The Fly

Analyst Recommendations for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.